.- The 203(k) will allow you to bid on properties that need repairs that won't qualify for a traditional mortgage => less competition => better purchase price.You will need to find a great local contractor you can trust to supply the required bids to qualify for the 203(k).- After closing, you can do some of the work yourself to save money, but the program doesn't allow you to pay yourself.You will want to buy a Class B property, maybe Class C+, in an area that seems to be improving.

That means, no conventional loans, bank loans, DSCR loans.  

The banks/credit unions said I needed 6 to 12 months of ownership to get refied. 

Traditional residential home loan.How did you add value to the deal?

Working with a local bank it was a breeze.

Lets say I die with $200,000 in the bank and right before I die I remember the time I had to go to court to evict one of my tenants..... that would be so sad... 

That is your denonimator.You also take the cash flow you get from rent minus all your expenses, so at end of day how much $ is in your bank account for the entire year.

Is STRs the way to go in Hawaii or maybe just traditional LTRs instead? 

I use Buildium for tracking rent, fees, leases, and collecting online payments, but I don't use their reports for much, as I end up copying my online banking each year into spreadsheets.I've been using Rental Hero for the last hour and already impressed with it.

But there is a difference between how a real loan officer will speak to you and how someone trying to pretend to be a loan officer will speak to you.FEES YOU CAN EXPECTAppraisal - this is not on the bank and it does not belong to the bank.